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2025-10-07 16:03:38| Fast Company

A group of U.S. officials want to know why London’s FTSE Russell, a top financial services firm, chose to include the underperforming Trump Media & Technology Group (TMTG) in one of its most high-profile indexes. Their concern stems, in part, from the fact that analysts generally do not view TMTG, which owns the presidents social media platform Truth, as particularly stable. Trading under the symbol DJT, shares are down 38% year to date and currently trade at about $17.50. Last fiscal year, the company reported a net loss of $400.9 million And in the most recent quarter, it reported a loss of $20 million. The Russell 3000 tracks the performance of the 3,000-largest publicly traded companies in the United States. While investors can’t buy the index directly, several ETFs or index funds include the Russell 3000. Signed by Vermont State Treasurer Mike Pieciak, fiscal leaders from New York, Massachusetts, Rhode Island, Connecticut, and Maryland, as well as the comptroller of New York City, the letter expresses concern about TMTGs  inclusion in the Russell 3000, which occurred last year. The drop in the company’s share price, negligible revenues and risks that come with the stock are among the issues they raise. “The Russell 3000 is one of the most influential benchmarks in U.S. capital markets, with approximately $10.6 trillion in assets,” the officials write. “Its credibility depends on consistent, transparent, and rigorous standards that ensure its companies reflect the U.S. equity market and meet the expectations of institutional investors and public stewards alike. The continued presence of TMTG in the index raises troubling questions on both financial and governance grounds, as well as on the integrity of the benchmark itself.” London’s FTSE Russell nor TMTG responded to a request for comment at the time of publication. Pieciak’s signature on the letter is notable. Vermont’s Republican Gov. Phil Scott has urged leaders in his state to take a less confrontational posture with the White House. (Notably, Scott rejected two requests this summer to send the Vermont national guard to Washington, D.C., as part of Trump’s federal takeover of the nation’s capital.) In their letter, the officials have asked FTSE Russell to explain TMTG’s inclusion in the Russell 3000. They’ve also asked for an assessment of how the group accounts for the company’s risks and detail on any safeguards in place to ensure that future index picks demonstrate sound market fundamentals. Noting that “two of the last three Trump financial ventures have resulted in significant investor losses,” the letter expresses concerns that people investing in Russell 3000 tracking indexes might not realize they’re buying shares in TMTG. An evolving list The Russell 3000 is an evolving list of companies. On the last Friday of each June, the list is reconstituted to reflect changes in the U.S. equity market. Companies are evaluated to determine where they lie along the investment spectrum from value to growth stocks. FTSE typically looks at the market capitalization of the stock as a bellwether for inclusion. TMTG currently has a market cap of $4.87 billion. That ranks the stock 3099th among publicly traded companies, as of 10 a.m. ET Tuesday. In June of this year, when the list was last reconstituted, shares were about $3.50 higher than they are now, which likely put TMTG within the top 3,000, which could explain its inclusion. In January, on the final day of trading before the presidential inauguration, TMTG boasted a market cap of $8.68 billion as investors flocked to the company before Trump’s second term began. 


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2025-10-07 16:00:00| Fast Company

Deloitte Australia will partially refund the 440,000 Australian dollars ($290,000) paid by the Australian government for a report that was littered with apparent AI-generated errors, including a fabricated quote from a federal court judgment and references to nonexistent academic research papers. The financial services firms report to the Department of Employment and Workplace Relations was originally published on the department’s website in July. A revised version was published Friday after Chris Rudge, a Sydney University researcher of health and welfare law, said he alerted the media that the report was full of fabricated references. Deloitte had reviewed the 237-page report and confirmed some footnotes and references were incorrect, the department said in a statement Tuesday. Deloitte had agreed to repay the final instalment under its contract, the department said. The amount will be made public after the refund is reimbursed. Asked to comment on the reports inaccuracies, Deloitte told The Associated Press in a statement the matter has been resolved directly with the client. Deloitte did not respond when asked if the errors were generated by AI. A tendency for generative AI systems to fabricate information is known as hallucination. The report reviewed departmental IT systems use of automated penalties in Australia’s welfare system. The department said the substance of the report had been maintained and there were no changes to its recommendations. The revised version included a disclosure that a generative AI language system, Azure OpenAI, was used in writing the report. Quotes attributed to a federal court judge were removed, as well as references to nonexistent reports attributed to law and software engineering experts. Rudge said he found up to 20 errors in the first version of the report. The first error that jumped out at him wrongly stated that Lisa Burton Crawford, a Sydney University professor of public and constitutional law, had written a nonexistent book with a title suggesting it was outside her field of expertise. I instantaneously knew it was either hallucinated by AI or the worlds best kept secret because Id never heard of the book and it sounded preposterous, Rudge said. Work by his academic colleagues had been used as tokens of legitimacy, cited by the reports authors but not read, Rudge said, adding that he considered misquoting a judge was a more serious error in a report that was effectively an audit of the departments legal compliance. Theyve totally misquoted a court case then made up a quotation from a judge and I thought, well hang on: thats actually a bit bigger than academics egos. Thats about misstating the law to the Australian government in a report that they rely on. So I thought it was important to stand up for diligence, Rudge said. Senator Barbara Pocock, the Australian Greens partys spokesperson on the public sector, said Deloitte should refund the entire AU$440,000 ($290,000). Deloitte misused AI and used it very inappropriately: misquoted a judge, used references that are non-existent,” Pocock told Australian Broadcasting Corp. “I mean, the kinds of things that a first-year university student would be in deep trouble for. Rod McGuirk, Associated Press


Category: E-Commerce

 

2025-10-07 15:54:29| Fast Company

Normalizing good urbanism requires culture change, and culture change requires an advocacy long game that makes space for ideas that seem impossible today. Political scientist Joseph Overton developed a concept in the 1990s that had a major influence on my views on and approach to building support for good urbanism. The Overton window refers to the range of ideas that are acceptable or mainstream in public discourse at a given time. The acceptable topics are shaped by public opinion, media coverage, influence of special interest groups, and actions of political leaders. As Joseph Lehman, a colleague of Overtons, put it: Public officials cannot enact any policy they please like theyre ordering dessert from a menu. They have to choose from among policies that are politically acceptable at the time. {"blockType":"creator-network-promo","data":{"mediaUrl":"","headline":"Urbanism Speakeasy","description":"Join Andy Boenau as he explores ideas that the infrastructure status quo would rather keep quiet. To learn more, visit urbanismspeakeasy.com.","substackDomain":"https:\/\/www.urbanismspeakeasy.com\/","colorTheme":"green","redirectUrl":""}} Ideas that fall within the Overton window are more likely to be discussed and debated in the public sphere, while those that fall outside of it may be considered too extreme or fringe to be given serious consideration. The window shifts over time as public opinion changes, making new ideas acceptable and mainstreaming previously unacceptable ideas. Before the Overton window shifted, these opinions were considered outside the range of allowable opinion: The earth isnt flat, nor is it the center of the universe. Multiple nationalities will be taught in the same classroom. A computer will one day fit on your desk. Tiny germs exist that you cant see with your eyes. Human organs and limbs will be replaced. Art will be created by voice command. Radical departures What Ive learned from the Overton window concept is that people need radical departures from normal scenario planning exercises. If you want to normalize walk-friendly, bike-friendly infrastructure, then you need to start by visualizing wildly different scenarios. When you eventually compromise, youve still made progress. Heres a list of taboo urbanism ideas that might be worth shifting from fringe to mainstream: Zoning abolition If incremental change is the aspirational goal, good luck with legalizing mixed-use neighborhoods. Its been said that zoning is an unnecessary evil, so lead with a proposal to abolish it altogether. Yes In Gods Backyard (YIGBY) Churches could provide short-term housing for the homeless or low-income individuals, free from government oversight. The faith-based community doesnt agree on everything, but they all certainly want to help those in need. 3D-Printed Buildings Promote the use of emerging technology to create homes and retail centers far cheaper than traditional construction. Grant people greater control over their property. Universal Basic Mobility Its like a universal basic income, but for transportation. Several cities have piloted bus and bike subsidies. A radical proposition would be privatized UBM. Off-Grid Living Decriminalize frontier life. Have you ever heard stories of people trying to disassociate from traditional utility services? Or building something without a permit? Local Farming I know youve seen community gardens, but you havent seen people selling their own food, because its not allowed. And if you introduce fresh milk, the ATF will raid the operation. Homesteading Programs that allow individuals to reclaim vacant or blighted properties. This could be a way to turn ordinary homeowners into developers. Asking big What if questions doesnt have to be confrontational, but it will always make some people uncomfortable. Its worth it. Thats how civilizations advance. {"blockType":"creator-network-promo","data":{"mediaUrl":"","headline":"Urbanism Speakeasy","description":"Join Andy Boenau as he explores ideas that the infrastructure status quo would rather keep quiet. To learn more, visit urbanismspeakeasy.com.","substackDomain":"https:\/\/www.urbanismspeakeasy.com\/","colorTheme":"green","redirectUrl":""}}


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